FSB responds to interest rate cut

The FSB has today welcomed the Bank of England’s Monetary Policy Committee’s latest interest rate cut but has warned that the real worry is not just the cost of finance but access to it.

FSB National Chairman John Wright said:

“The Federation of Small Businesses welcomes the latest interest rate cut by the Bank of England’s Monetary Policy Committee. But despite previous cuts, around a third of our members are still complaining about poor access to affordable finance.

“With rates now at their lowest ever level, small businesses are more concerned about access to money. The FSB would like a cast-iron guarantee that the banks will not only pass on the interest rate cuts, but pass on the money to the small businesses that need it.

“The small business sector is the sector to see the UK out of recession in 2009 and into economic recovery, but this can only work if credit lines start flowing to viable businesses again.”

Ends

Notes to Editors

The FSB is Britain’s leading business organisation with over 215,000 members. It exists to protect and promote the interests of the self-employed, and all those who run their own business. More information is available at http://www.fsb.org.uk

Contacts:

Stephen Alambritis: 020 7592 8112 / 07788 422155
Sophie Kummer: 020 7592 8128 / 07917628998
Prue Watson: 020 7592 8121 / 07825 125695
Marc Shoffman: 020 7592 8113 / 07595 067068

For regional FSB contacts please go to www.fsb.org.uk/regions.